Vietnam petroleum traders making profit but yet have price cut plans

Vietnamese petroleum traders are making profit in their business as a result of the recent price fall in the world market but they have not yet had any price reduction plans at present.

The state-run Vietnam National Petroleum Corp (Petrolimex said it is making a profit of VND52/liter of gasoline, around VND200/liter of oil thanks to the decrease of US$2.84/barrel to US$79.52/barrel of gasoline and of between US$1 and US$2/barrel to US$85-86/barrel of oil versus the imported prices on August 9 when the domestic price hike happened.

Petrolimex was cited by the VnExpress.net online newspaper as saying late Wednesday that the profit is so modest and the firm would keep a close watch on market fluctuations to decide new retail selling prices.

Earlier, the Vietnamese Ministry of Finance requested petroleum traders to 30 days instead of earlier 10 days in order to curb possibly high CPI and stabilize local market.

On August 9, the traders raised prices of gasoline A95 by VND410/liter or 2.48% to current VND16,900/liter and gasoline A92 by VND410/liter or 2.56% to current VND16,400/liter. Prices of other oil products were up by between 1.48% and 2.72%. – Vnexpress

Tags: Vietnam petrol, Vietnam Petrol prices

Posted by VBN on Sep 15 2010. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry